The figures have been all over the press for unemployment in the UK. There are more than 2.67 Million people in the UK who are unemployed and at 8.4%, the figure is higher than what was seen in 1995. By far the economic decline and increasing flatlining at lower levels are hurting the economy badly.
What is also worrying is that the 23% of the working age people are not contributing anything to the economy and the ageing population is increasingly being supported by decreasing number of economically active people.
Kesh Thukaram, Director of Best Insurance commented saying that regardless of what the numbers say and the analyst’s reports of economy zig-zagging or flatlining, it is clear that the private sector is in no mood to invest. The cost cutting pressure is on and companies are increasingly looking at the inevitable reduction of staff numbers. This has led to a spurt in the number of people buying unemployment insurance. While some insurers have increased their initial exclusions and others have excluded some sectors, unemployment insurance is inevitably the most effective ways to protect against risk of unemployment.
Best Insurance has a wide range of unemployment insurance products. Unemployment insurance can be either a payment protection type product or an income insurance type product. Regardless of the type of product, so long as unemployment cover is taken, policy holders will be protected for unemployment insurance. In order to make the product more affordable, Best Insurance has provided a range of excess days which makes the product more affordable. Customers can also increase their benefit amount if they choose a higher excess period. Unemployment insurance gives customers the much needed breather if they lose their job or made redundant and allows them to focus on looking for the right job rather than picking something that just pays a salary.
Stuart Boseley, Director of Best Insurance added saying that increasingly customers are looking at unemployment insurance as the uncertainty is just increasing by the day. Sectors like banking and retail are announcing redundancies in the thousands and until there is a complete re-adjustment of skills to available jobs, the unemployment problem will continue to remain for a long time. However as the saying goes, it’s important to work smart and for a small amount (mostly less than monthly heating or fuel bills), income can be protected for at least 12 months.
Best Unemployment Insurance has a range of insurers and has one of the lowest initial exclusions in the industry. Trained advisors are on hand to give all assistance required in selecting the right product.
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